| Q1 - 2024

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

Lowest fundraise since 2019

• Investment activities went through a period of normalization in 2023 after the “funding boom year” from 2020 – 2022.
  

• 54% of deals were under $10.0B (billion).
  

Western fundraise focused on “Digital insurer”

• Prismic Re – Life reinsurance platform – was invested $1B, majority from Prudential.
  

• Aviva sold 26% of Singlife to Sumitomo Life Insurance for $625M (million).
  

• Next Insurance raised $265M from Allianz + Allstate.
  

Asian fundraise shifted to “Insurtech” early stage

• Bolttech’s $246M series B.
  

• InsuranceDekho’s $110M series A.
  

Source: FT Partners Research 2023 Annual InsurTech Almanac Report.

To access full report

The decline was driven by both main sectors L&H and P&C

• Funding to property and casualty (P&C) insurtechs fell 39% YoY , from $5.6B in 2022 to $3.4B in 2023.
• Life and health (L&H) insurtech funding fell by a greater degree — down 58% YoY , from $2.6B in 2022 to $1.1B in 2023.

Source: Gallagher Re - Global InsurTech Report 2023

To access full report

Q4'2023 Top Equity Deals:

Source: CB Insights Insurtech report 2023

To access full report

Q4'2023 Top Equity Deals:

Source: CB Insights Insurtech report 2023

To access full report

Total gross-written premium (GWP)

Source: MOF data and reports (Recap 2023 and Outlook for 2024)

Compare

2022-2023

GWP by sector: Non-life

Non-life insurance market poised for growth amid recovery.

Health and motor vehicle insurance were the top contributors to non-life insurance premium revenue last year, with significant growth potential driven by rising incomes and aging populations.

Health insurance ↑0.3%

Motor Vehicle ↓1.9%

Asset Damage ↑11.1%

Ship ↑5.9%

Cargo ↓ 10.8%

Liability ↑25.2

Financial ↑11.5%

Others

Source: MOF data and reports (Recap 2023 and Outlook for 2024)

Regulatory changes and impacts

Jan 2024

• Credit institutions may not sell non-compulsory insurance products in conjunction with providing banking products and services.
  

Nov 2023

• The Governor of the State Bank of Vietnam has the authority to define the scope of insurance agency activities for credit institutions.
  

• The distribution of insurance products must be made via websites or platforms built by the insurers/reinsurers or e-commerce platform/websites of brokers/agencies.
  

Sep 2023

• Sets out the new lower caps agency commission, bonus and incentives for agencies in relation to life and health insurance products.
  

• Organisations and individuals possessing a fire and explosion-prone establishment stipulated in the law on fire prevention and fighting must purchase compulsory fire & explosion insurance.
  

July 2023

• Banks and FIs: restricted from selling investment-linked insurance to borrowers
  

• Additional and stricter conditions have been imposed on organizational insurance agencies
  

April 2023

• MOF builds and manages a database on insurance business for policy documents, analyses, forecasts and the supervision of insurance business activities.
  

• Requires to implement necessary technical and organizational measures to handle and protect personal data.
  

• Obligation to handle and notify the relevant authorities and affected data subjects in case of breach.
  

Mar 2024

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Chubb x Atome

Chubb and Atome join forces in Southeast Asia to revolutionize insurance access for Atome’s clients across Singapore, Malaysia, the Philippines, and Indonesia.

Their first partnered product, Bill Secure, covers up to five times the transaction amount for buy now, pay later users, in the event of permanent disability or accidental death. The claims payout allows the insured or their next-of-kin to pay for the purchased item, with any remaining balance going to the insured or their estate. Shopping Secure, their second product, is set for launch soon.

Chubb is a global insurance leader, that offers a diverse range of insurance solutions, including property, casualty, health, and life insurance. They operate in 54 countries and boast a comprehensive suite of insurance solutions. Meanwhile, Atome is a digital finance leader in Southeast Asia, initially focusing on buy now, pay later services before expanding into insurance, cards, and loans.

Chubb x Smartpay

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Japanese FinTech Smartpay and Chubb, have partnered to accelerate digitisation of the Japanese insurance industry.

This partnership aims to make ‘Embedded Insurance‘ that drives insurance market growth more accessible with Smartpay and Chubb, which allows consumers to purchase insurance that complements the products they are purchasing, such as furniture and travel packages, at the point of checkout.

Smartpay, uniquely integrated with Japan's top 20 banks and over 200 credit unions, extends accessibility to 90% of the country's population with bank accounts. In December 2022, Smartpay introduced "Smartpay Bank Direct," enabling customers to directly pay for online purchases from their bank accounts, further enhancing its digital financing offerings.

Saladin x ZaloPay

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Saladin Technology Insurance, in partnership with 10X Consulting and Technology Co., Ltd., has teamed up with ZION Joint Stock Company, the developers of ZaloPay e-wallet.

Their collaboration, which debuted in 2023 with Payer Insurance on the ZaloPay platform, has now expanded to offer various travel insurance options directly through the ZaloPay app. These travel insurance products cater to diverse travel needs, showcasing the partners' commitment to integrating insurance seamlessly into the travel planning process.

In this alliance, Saladin targets consumer needs with personalized insurance solutions via ZaloPay's super app, ensuring convenient access to travel coverage. This expansion aims to elevate insurance accessibility and relevance in the digital sphere, aligning with evolving consumer demands.

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

One of the top-funded InsurTech in 2023

Providing customer value by utilizing advanced data analysis

Habit Factory, a MyData-based fintech company, introduced its "Signal Planner" insurance comparison and recommendation service, leveraging data from the MyData platform, as well as their Loaning.ai and Signal Household Book services, to offer the users with:

Marketplace with all types of insurances

A database that analyzes various insurance plans available in Korea.

Insurance plan analysis & recommendation

Leveraging a powerful customer persona analysis engine to quickly check the customer's subscription history real-time, and deliver personalized, in-depth coverage analyses.

Lead management and customer support

Effortlessly track customer contact information, warranty and payment due dates, and payment statuses. Additionally, identify customers lacking specific warranties to recommend alternative plans accordingly.

Their milestones

2016

• Establishment.
  
• Launched “Signal Household Book”: housekeeping services and customer analysis based on spending.
  
• Seed investment from KB Securities.
  

2018

• Launched “Signal Planner”: insurance mobile app – personalized offers based on persona.
  

2021

• Invested by KB Investment and KB Life Insurance.
  

2022

• Established mortgage services in US: Loaning.ai
  

Signal Planner

Loaning.ai - the mortgage loan recommendation services

• Despite low insurance penetration and rapid urbanization, Asia represents a significant portion of the global economy, making it an attractive growth opportunity for global insurers.
• P&C insurance growth in Asia has lagged behind other regions, with penetration remaining low due to factors like lack of awareness and perceptions of unaffordability.
• Profitability in the Asia P&C sector is deteriorating, driven by factors like increased catastrophic claims and rising operational expenses, alongside emerging risks such as cyberattacks and EV adoption.

Includes in the Comprehensive plan by default

Add on when purchasing on web-app

Physical

Damage

Total Theft Damage

Windscreen Damage

No depreciation when replacement

Authorized repairer facility in Vietnam

Damage to the engine caused by water

Mandatory Third Party Liability

Mandatory Third Party Property Damage

Personal

Injury

Personal Accident

Voluntary TPL

Partial Loss

by Theft, Robbery

to experience

Customers simply provide BLI with their initial and final kilometer readings when purchasing their policy. BLI then calculates their cashback based on the difference between these readings, which indicates how much they drove during the year. With BLI's Pay-per-kilometer insurance, customers pay their annual quote upfront and can earn up to 30% cashback if their mileage is below 22,000 km by the end of the year.

to experience

to experience

to experience

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

Launched in Jan 2024

INSURANCE

Transaction tracking

Provides instructions about participating insurance products, forms and procedures, terms and detailed policies.

Monitor bank account/e-wallet registrations, purchased policies MFast

Utilities:

Phone top-ups, billings, loan repayment, tickets, etc.

Improve the customer journey by streamlining and centralizing the purchase process.

Mfast first launched their mobile application for agents in 2019 and initially collaborated with financial institutions to establish an agent network for distributing financial services (loans, open cards/e-wallet, non-life insurance). Recently, it has expanded its scope to include electrical appliances.

MFast360 is launched specifically designed to enhance customer experience, which has main features:

Insurance management

Applied for customer who has purchased any insurance policy via Mfast agent. They can monitor, see form, claim guidelines per purchased products

Transaction tracking

This feature enables tracking and support throughout any purchase journey via agent on Mfast.

Utilities:

These features, previously available to agents on the original Mfast mobile app, are now accessible to customers.

Launched in Jan 2024

Healthcare Knowlegde Hub

Policy management

Updated healthcare knowledge through shared videos from experts/doctors.

Manage purchased policies, renew and submit claim online

Telemedicines

Monitor treatment plans and contact to doctors in the hospital system

Apply the concept of personal health advisor to boost customer satisfaction.

The same company introduced MediciPro, a mobile app akin to IDL's IZIon24 Agent app, facilitating insurance tracking and management for agents and business systems.

MyMedici is launched with a focus on telemedicine, leveraging a strategy to link health services as a value-added approach for non-life L&H insurance customers.

Policy management

Manage, renew, and submit claim requests for purchased insurance

(similar to IZIon24)

Telemedicines

Telemedicine services will be embedded upon purchasing Medici's personalized health insurance plan, "Muôn sắc yêu thươngP.

Healthcare Knowlegde Hub

The videos are neatly categorized into various helpful sections and are constantly refreshed to keep customers engaged and informed.

The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.

Q2'24

Q4'24

Q2'25

Q4'25

Q1'24

Q3'24

Q1‘25

Q3'25

IZIon24 Agent app

Q1'

24

1. Referral Program

(Agent gets agent enhancement)

Integrate with 3rd party vendor to implement the Agent-get-agent shared link, makes it easier for agents to onboard new team members.

Q1'

25

3. Telemedicine: Virtual Assistant

Allow users to consult with healthcare professionals, receive medical advice, with assistance by an virtual assistant

4. Product buffet

Empower users to tailor and select their insurance policies by choosing preferred insured benefits, with flexible pricing options.

Q2'

24

2. Knowledge hub

An updated real-time knowledge center for freelance agents, providing e-learning, documents, and exams.

3. Sale contest configuration

Automatically configured sales contests in the system empower agents to monitor performance and aims to their target

Q2'

25

5. Embedded insurance

Integrate journey on other platforms, providing users with insurance coverage as part of a broader offering.

6. Need analysis

Tool to recommend suitable insurance for customers by question-based metrics to understand their demands.

Q3'

24

1. Referral Program: Re-start MGM

Users can refer new customers and receive rewards through a dedicated dashboard within the app.

Q3'

25

5. Onboard new partners - Cross-sell

Integrate strategic partners within relevant domains to enhance our salesforce through value-added services and cross-selling opportunities.

7. Telematics

Employ technology such as GPS and sensors to monitor driving behavior for personalized, usage-based coverage.

Q4'

24

4. Withdraw bonus to bank account

Enable freelance agents to withdraw their commissions to digital accounts in real-time directly from the agent app.

2. Loyalty functionality: IZI Points

Serve as a rewarding system, allowing customers to earn loyalty points and redeem exclusive offers

Q4'

25

6. Onboard new products apart from insurance

Become a versatile financial affiliate platform, offering a suite of financial services within one app.

8. Insurance As A Service

Transform into an insurance distribution platform providing solutions for seamless integration into various platforms.

THANK YOU

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The information used for this bulletin was gathered from public and other sources, and then analyzed by Ideal Life Joint Stock Company's internal Research team. It is imperative that this information remains strictly confidential and is solely for internal use.